If there is one thing that remains constant, it is that the future will be full of uncertainties. And more often than not, it can be difficult for people to stick to their budgets whenever something unexpected pops up.
In such cash-crunch situations, you will typically need a loan to tide you over until your income is replenished, which is where applying for a loan comes in handy. However, securing funding from most banks and credit unions can be a long and tedious process that becomes even more complicated if you happen to have a bad credit score.
Luckily, you can secure UK loans for bad credit by using an online credit broker like UKBadCreditLoans, so we decided to quickly break down what makes this lending service worth relying on today.
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How Does UKBadCreditLoans Work?
The first thing you should keep in mind is that UKBadCreditLoans is not a direct lender but rather works as an intermediary that connects potential borrowers with lenders within its network. This means that the lending service can instantly help you find lenders based across the country, thereby saving you a fair amount of time and effort compared to doing it yourself.
According to Emilia Flores, the co-founder of UKBadCreditLoans, “our main goal with this service is to ensure that borrowers who have been denied funding by traditional lenders still have a good chance of securing the urgent funding that they need.”
When it comes to applying for a loan via UKBadCreditLoans, you’ll typically be required to provide personal and financial information like how much you intend to borrow, your credit rating, your income level, etc. This information is then reviewed by their partner lenders, and if your loan application is approved, you can expect to receive multiple loan offers.
Each offer will usually come with its own rates and terms, so it is important that you take the time to compare them to find the one most favourable to your financial situation. Once you find a loan offer that you feel is satisfactory, you will need to e-sign the loan agreement, at which point the lender will then start to process your funds.
In most cases, you can expect to receive your money by the next business day at the latest. However, it is important to remember that this timeline can sometimes vary depending on your banking provider’s processing times.
What Lending Terms Does UKBadCreditLoans Provide?
With UKBadCreditLoans, you can borrow loans as low as £100 up to a maximum of £5,000, with the repayment period typically set between 1 and 36 months. And since the funding process typically takes less than a day, you can quickly borrow money to deal with urgent expenses such as medical bills, car repair costs, utility bills, etc.
When it comes to loan rates, you can usually expect the APRs to vary up to 49.7%. However, you should keep in mind that the rates you end up being offered will vary depending on your credit score and income level.
In other words, the higher your credit score and/or income level, the more likely you will qualify for rates on the lower end of that range.
What Loan Products Does UKBadCreditLoans Provide?
The best part about UKBadCreditLoans is that the lending service is able to connect you to a wide range of online lenders, many of whom offer different loan products. This makes it easy to compare and pick the loan type that best suits your current financial situation. Some of the main types of loans that you can choose from include:
#1. Bad Credit Loans
These loans are the primary specialty of UKBadCreditLoans, with most of their partner lenders allowing bad credit borrowers access to funding. They typically come with minimal eligibility requirements, as most lenders tend to be more interested in your income level when determining your ability to repay your loan. The downside is that they tend to come with higher interest rates and shorter repayment periods.
#2. Payday Loans
Payday loans essentially act as small cash advances to tide you over until your next paycheck arrives. As such, they typically come in small amounts that range between £100 and £5000, with the full loan amount due within a few weeks. Since they often come with lenient loan standards, they are some of the easiest loans to get approved for. However, they are also loans with some of the highest interest rates, so keep that in mind.
#3. Short-Term Loans
These types of loans are a form of unsecured lending that is typically designed to cater to urgent expenses and is usually meant to be repaid within a few weeks to a few months. These loans are also processed fairly quickly and have less-stringent eligibility requirements compared to most traditional loans. This makes them a good choice for borrowers with extremely low credit scores who may be looking to build up their credit rating.
What Are The Top Reasons To Use UKBadCreditLoans?
There are a few good reasons why you should consider using UKBadCreditLoans, with many of these aspects also giving it an edge over other lending services in the UK.
- Instant Funding: UKBadCreditLoans partner lenders make it a top priority to ensure that all approved loans are processed quickly and efficiently. In most cases, you can expect to access your funds in as little as 24 hours after approval.
- All Credit Types Considered: Unlike most other lending services, UKBadCreditLoans partner lenders are open to considering borrowers of all credit types. This is because their lenders are flexible enough to consider other factors besides just your credit score.
- Different Loan Options: UKBadCreditLoans offers borrowers access to multiple loan products to choose from, which makes it one of the most versatile online loan services out there. This creates a fair amount of flexibility that enables you to deal with any unique expenses that you need to pay for, be they large, urgent, small, etc.
- No Hidden Fees: UKBadCreditLoans does not require borrowers to pay anything to use its lending service at any stage of the application process. This also means that you can decline a loan offer without fear of being penalized. However, do keep in mind that some lenders may charge extra fees like ordination fees or even a pre-payment penalty for paying your loan early.
- Full Data Protection: UKBadCreditLoans uses bank-level encryption on its website, which means that any information that you share via its online form is completely protected. You don’t have to worry about any unauthorized parties seeing those details, as the only people that will be able to access that information are their partner lenders.
Conclusion
With no minimum credit score required, UKBadCreditLoans offers a way for thousands of bad credit borrowers to access the financing they need, even when denied by traditional lending institutions.
This, paired with the fact that the service is free and offers access to multiple loan products, makes it a valuable resource that should be considered, especially if you find yourself in a financial emergency. Also, given that borrowing online comes with its own risks, it makes sense to rely on UKBadCreditLoans since they vet each lender they partner with.
In short, we would definitely give the loan service two thumbs up, as it can be a great place to turn to when banks, credit unions, and other traditional lending institutions are not an option.